Fraternal Beneficiary Societies

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= legally recognized form of Mutual Aid Societies in the U.S.


Description

'Today, many services provided by mutual aid societies have been assimilated into private and public institutions such as insurance companies and social welfare services. Although they are not as prevalent as in they were in the past, mutual aid societies still exist today and are formally recognized by the Internal Revenue Service as a category of organizations known as Fraternal Beneficiary Societies." (http://www.shareable.net/blog/how-lending-circles-create-community-resilience?)